This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at skukreja@investitude.co.in
Sukanya Samriddhi Yojana has received a great initial response from the general public. As the scheme offers 9.1% tax-free rate of interest, investors are finding this scheme to be extremely attractive and want to invest in it as soon as possible. They also need handholding to invest in this scheme. But, due to lack of required information with the post offices and authorised bank branches, people are finding it difficult to do so.
I have posted two articles about this scheme and both have received over hundred comments from the visitors. I have been getting many queries regarding the maturity value of this scheme. People want to know the value of their investment as the scheme gets matured after 21 years.
Though it is almost impossible to calculate a precise maturity value of this scheme as there are many variables on which its maturity value will depend, I have tried to make a couple of tables in which the maturity value has been calculated keeping those variables to be constant and yearly & monthly contribution to be the only variable.
Certain assumptions have been made for calculating these maturity values and those assumptions are:
* Rate of Interest has been assumed to be 9.1% for all these 21 years.
* Yearly contributions have been assumed to be made on April 1 every year i.e. the beginning of the financial year.
* Monthly contributions have been assumed to be made on 1st day of every month.
* Although it is not mandatory, a fixed amount of yearly/monthly contribution has been assumed.
* It is also assumed that no withdrawal is made throughout these 21 years.
Here you have the tables:
Yearly Contribution Table
Monthly Contribution Table
I hope these two tables help people in deciding how much amount they would like to contribute to this scheme in order to achieve their girl child’s marriage and/or higher education goals.
Before you go ahead and plan to get an account opened, I would like to again highlight the main features of this scheme:
Who can open this account? – Parents or a legal guardian of a girl child up to the age of 10 years, can open this account in the name of the girl child. Up to December 1, 2015, one year grace period has been provided to allow this account to get opened for a girl child who is born on or after December 2, 2003.
9.1% Tax-Free Rate of Interest – This scheme offers 9.1% rate of interest, which has also been exempted from tax in this year’s budget. But, this rate is not fixed at 9.1% for the whole tenure and is subject to a revision every financial year.
Scheme Matures in 21 years or on Girl’s Marriage, whichever is earlier – The scheme gets matured on completion of 21 years from the date of opening of the account or as the girl child gets married, whichever is earlier. Please note that the girl attaining the age of 21 years has no relevance to maturity of this scheme.
Deposit for 14 years only – You need to deposit a minimum of Rs. 1,000 and a maximum of Rs. 1,50,000 only for the first 14 years, after which you are not required to deposit any amount. Your account will keep earning the applicable interest rate for the remaining 7 years or till it gets matured on your daughter’s marriage.
Documents Required – You need birth certificate of the girl child, along with the identity proof and residence proof of the guardian, to open an account under this scheme. You can approach any post office or authorised branches of some of the commercial banks to get this account opened.
You can check the rest of the features of this scheme from this post – Sukanya Samriddhi Yojana – Tax-Free Small Savings Scheme for a Girl Child
You can also download the application form to open an account from this post – Sukanya Samriddhi Yojana – Application Form & List of Banks to Open an Account. If you still have any query or something related to discuss, please share it here.
Pls sent me full details of this scheme
3000Rs Month jama par 14 Years par 50% kitana Lone Milega
yadi me 3000 month jama karta hu to mujhe 50% lone kitan hoga
Me100000ek bar fixed deposit kr du 15year ke liye to kitana amount milga
Sir, I have 10 years daughter and I have to be paid 100000 per Annual in this how many years to be paid and how much amount earned after 21 years
Sir/Mem.
I hv 2 queastios
I.my daughter is 9 years old,,,,if I start that policy,,it will complete after 21 year,means in 2039 nd daughter will 31 year old.
If she should get marrieg between 22 to 25,,,,,,,can I take,,,,,,,,,,
By the way sha should married,,,,in 25
After marrige means in 2039 ,she can take ?
2,I m govt employees,,,,,,can I deposited directly by my account monthly,,,
Plz reply.
I owe u
J s shekhawat
Hi Monu,
1. As your daughter gets married at the age of 25, you can take out the whole amount, along with full interest earned on it. You are not required to wait till 2039 to take out your money.
2. I don’t think online money transfer is available with any of the post offices. However, you can check with any of the SBI, ICICI branches if they are providing any such facility.
Sir , I have a baby girl and I want to start ssy scheme but I have 1 question _ who will take maturity value (girl or his parents ) who is the owner of maturity amount
very nice
Sir ,Mai har month1000pay kar raha hu muje 21year baad me kitne amount milega
Very nice
HI SIR,
MERA YEH QUESTION HAI KI …14 YEARS BAAD JAB CLOSING HOGI TOH USKA KUCH PROOF MILEGA I MEANS ANY SLIP OR PASSBOOK YA GOVT. APNE AAP INFORM KAREGI ..KI AB APKI CLOSING HO CHUKI HAI OR APKA MONEY 21 YEARS MAIN RETURNS HO JAYEGA WITH INTREST …
sir, my daughter was four months
but sbi bank maneger want my daughter adhar card no..
jo ki abhi nhi hai …. me kya kru
Sir/madam
I m open ssa acc. Of Rs. 3000 per month & I want to increase such ammount to RS.5000 is it possible or not
Actually what percentage post office have to calculate
Hi
I have an account of sukanya smridhi yojana on my kids name since 8 months
Iam paying regularly.but this month I have not made a monthly payment.
Can i pay next month that amount ??
Please help me
My daughter 8 manths this scheme applicable for my daughter replay me
Sir,
What will happen to the deposit if parent or guardian dies before completing 14 years of deposit and further nothing can be deposited.
Suppose I deposit for 6 years then I am no more and no money is further deposited then what will happen to the money deposited for 6 years?
I have a question in mind..?
Actually i opened my daughter account
Now tell me either i have to pay monthly or i can pay direct 1.5 lac one time
How do i go for the scheme..?
Beacuse in the lst financial year 2017-18 i pay amount like 30000
40000
30000
50000
Total 1.5 lac
So may i fo payments like this or i have to py monthly with same amount of figures .
Please tell me this
In SSY, I can withdrawn some of amount within 14th year from the date of starting. Can it Possible?
If Girl child age attended on 21yrs then what amount can be withdrawn for his marriage and if any documents require for the same?
Meri beti 1sal ki hai to mai month ly 1000rs deposit karu to muze return after 21 years me kitne milege